Friday, December 19, 2008

Let's take a look at the Willets Point finalists, part 1

March 2006: EDC Announces Eight Finalists for Willets Point Redevelopment

Vornado Realty Trust
Forest City Ratner Companies
General Growth Properties, Inc.,
The Macerich Company and AvalonBay Corporation
The Westfield Corporation
The Related Companies
Muss Development LLC
TDC Development & Construction Company

May 2006: One of the city's most active developers,Vornado Realty Trust, will not submit a final bid to build about 1 million square feet of retail space, a hotel, and a convention center on the 75-acre site near Shea Stadium in Queens.

December 2008: Real-estate developer Forest City Enterprises Inc. said it will halt new projects and focus on reducing debt and managing its existing real-estate portfolio.

December 2008: General Growth Properties Inc. has hired a broker to sell three high-profile shopping malls, including South Street Seaport in Lower Manhattan, as it tries to raise money to pay down its heavy debt load and avoid bankruptcy.

To recap:

Vornado Realty Trust
Forest City Ratner Companies
General Growth Properties, Inc.,

The Macerich Company and AvalonBay Corporation
The Westfield Corporation
The Related Companies
Muss Development LLC
TDC Development & Construction Company

Part 2 coming soon.

3 comments:

Anonymous said...

Buildouts of existing project will be a major accomplishment to complete yet alone even considering a future project is impossible in an no lending, leveraged environment. Willet Point is dead - the train wreck of Atlantic Yards is dead.

Anonymous said...

theres no money theres no willets point .muss stop all his jobs no money tdc are jerk offs

rename city field to junkyard stadium

LF said...

Vornado already has it's hands busy building that crappy mall next to it's other crappy mall.